12. Patty has a checking account at a local bank
where the monthly checking fee is $10, including
any checks she writes. Nonbank ATM withdrawals
cost $2.50. At the beginning of the month, Patty’s
checking account balance was $740.50. She
deposited $325 from her job and withdrew $75 in
cash from a nonbank ATM. She wrote a check for
$25 to donate to a local charity and transferred
$100 to her savings account. What is Patty’s
checking account balance at the end of the month?
A $955 C $745
B $853 D $685
Patty's starting balance: $740.50
Add her paycheck deposit: + $325.00
Subtract her nonbank ATM withdrawal: - $75.00
Subtract her charitable donation check: - $25.00
Subtract her savings account transfer: - $100.00
Subtract the monthly checking fee: - $10.00
740.50 + 325.00 - 75.00 - 25.00 - 100.00 - 10.00 = $855.50
Therefore, Patty's checking account balance at the end of the month is $855.50, which is closest to answer choice B, $853.
To calculate Patty's checking account balance at the end of the month, let's break down the transactions:
1. Beginning balance: $740.50
2. Deposit from job: + $325.00
3. Withdrawal from nonbank ATM: - $75.00
4. Charity check: - $25.00
5. Transfer to savings account: - $100.00
Now, let's calculate the total:
Step 1: Add Patty's beginning balance to the deposit:
$740.50 + $325.00 = $1,065.50
Step 2: Subtract the withdrawal from the nonbank ATM:
$1,065.50 - $75.00 = $990.50
Step 3: Subtract the amount donated to the local charity:
$990.50 - $25.00 = $965.50
Step 4: Subtract the transfer to the savings account:
$965.50 - $100.00 = $865.50
Therefore, Patty's checking account balance at the end of the month is $865.50.
None of the given answer choices match the correct result. Please double-check the options or recheck the calculations.
To calculate Patty's checking account balance at the end of the month, we'll need to keep track of the deposits, withdrawals, and fees.
Starting balance: $740.50
Patty deposited $325 from her job: $740.50 + $325 = $1065.50
Patty withdrew $75 in cash from a nonbank ATM: $1065.50 - $75 = $990.50
Patty wrote a check for $25 to donate to a local charity: $990.50 - $25 = $965.50
Patty transferred $100 to her savings account: $965.50 - $100 = $865.50
Monthly checking fee: $865.50 - $10 = $855.50
Nonbank ATM withdrawal fee: $855.50 - $2.50 = $853.00
Therefore, Patty's checking account balance at the end of the month is $853 (option B).